News - 2008

Columbus, Ohio, April 14, 2008 — Red Mortgage Capital, Inc., one of the nation’s top ranked Fannie Mae DUS® seniors housing lenders, and the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP, provided Fannie Mae DUS acquisition financing for four independent and assisted living properties in Utah for Senior Management Concepts, LLC ("SMC").

Cottonwood Creek, located in Salt Lake City, Utah, was built in 1983 and contains 92 units. SMC plans to construct 12 new units at this facility, bringing it to 104 units. The Charleston, located in Cedar Hills, Utah, was built in 2005 and contains 50 units. SMC plans to construct 12 new units at this facility, bringing it to 62 units. The Meadows, located in St. George, Utah, was built in 1981 as an apartment complex, then renovated/modified/converted into a senior living facility in 1997. This facility contains 120 units. The Wellington, located in Salt Lake City, Utah, was built in 1999 and contains 119 units.

Red Mortgage Capital, Inc. provided $54,176,000 of cross-collateralized and cross-defaulted Fannie Mae DUS financing for the properties with each loan carrying a 10-year term and 30-year amortization schedule, with the exception of The Meadows which has a 25-year amortization. The financing was partially enhanced by a $4,860,000 National City Bank letter of credit provided by Red Capital Advisors, LLC.

Senior Management Concepts, LLC, was formed in 1996 by Vaughn L. Pulsipher, Ph.D. and Larry N. Blake as a limited liability company specializing in site selection, acquisitions, financing, development, marketing and management of independent living, assisted living and Alzheimer’s/dementia/memory care seniors housing facilities throughout the western United States.